Plymouth have formally exited administration following their takeover by businessman James Brent.
Brent's Akkeron Group reached an agreement with administrators over fees owed to them on Friday.
Football League Chairman, Greg Clarke, said: "I would like to welcome James Brent to The Football League and thank him for the efforts he has made to help save Plymouth Argyle Football Club."
Brent said: "There's a huge amount to be done to rebuild the club."
He told BBC South West: "The first focus is to pay the staff their first full month's wages for a very long time.
"Then it's trying to rebuild performances on the pitch and the financial position of the club."
And Brent says he will help fund a resurgence in the club's fortunes.
"We have the financial power to do it, but we've been very open that we would like like-minded people to join us.
"What I won't do is part with control of the club until it's properly stabilised," he added.
Argyle have been in financial difficulties for almost a year and formally went into administration in March.
Since then acting chairman Peter Ridsdale has been trying to find a buyer for the club, who are bottom of the Football League.
"I'm pleased for all the staff and players who have been living on a knife edge for so long," said Ridsdale.
"It's very comforting as a city of this size needs a professional football club. I think the staff are still taking it in.
"It's been a long time coming and it's not something you can take on board that easily after such a long time but everyone is very happy."
Ridsdale has been confirmed as the chairman of football at Argyle under Brent's regime after assisting at the club since last season.
Under Brent's deal Plymouth City Council will buy Home Park stadium for £1.6m from Brent, who will use the money to help fund the club.
Argyle's takeover has been a protracted affair, with Bishop International, a Gibraltar-based consortium fronted by Truro City chairman Kevin Heaney, the front runners to buy the club for a number of months.
But BIL failed to complete their takeover during a period of exclusivity they had, leading to other bidders being given the chance to come in.
Brent, who had wanted to take the club over since the summer, was the fans' preferred bidder and took the front seat once his plan to sell Home Park to Plymouth City Council was approved.
He and his team have spent much of the past fortnight trying to get every person owed money by Argyle to sign up a repayment deal.
Plymouth have won just two games all season and are five points adrift of safety at the bottom of League Two.
The club sacked manager Peter Reid last month and installed captain Carl Fletcher as caretaker manager.
"This is the greatest day in the club's history and the most important in the club's history in my point of view," said Plymouth Argyle Fans Trust chairman Chris Webb after news of the agreement was confirmed on Friday.
"Everything that the staff, players, and supporters have sacrificed has been made worthwhile.
"We want to see this as a new dawn for Argyle with fans coming back through the gates and local businesses re-investing commercially."
And Webb hoped that the club's supporters would be able to back the side as they concentrate on getting off the bottom of the Football League.
"We need to make sure that all our passion from the past few months off the pitch is put into our support on the terraces for the team on the pitch to try and keep us in League Two," he added.